Wednesday, January 31, 2007 10:40:51 PM
I'm not liking the euro just yet. We're in a sideways pattern on an intermediate basis. I'm really liking the dollar against the swissie right now. We broke out above the 618 fib retracement, have seen a support bounce off the 618, and are now in the process of testing the 618 again.
We're also above the 20, 50, and 200 sma.
I'm waiting to see if my intermediate term stochastics (14,5) is going to bounce off of the 40 to 60 area. At that point, I'll expect a full 100% retracement of the previous high and will enter the trade. As long as 618 holds, and the stoch. turns up, I'm looking for 200 pips or so.
Right now I'm very short term bearish bias on the swissie. Will wait for confirmation to enter a long on the pair.
We're also above the 20, 50, and 200 sma.
I'm waiting to see if my intermediate term stochastics (14,5) is going to bounce off of the 40 to 60 area. At that point, I'll expect a full 100% retracement of the previous high and will enter the trade. As long as 618 holds, and the stoch. turns up, I'm looking for 200 pips or so.
Right now I'm very short term bearish bias on the swissie. Will wait for confirmation to enter a long on the pair.
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